I need to package PyQt program to windows executable file, there's Alchemy library used.
when "setup.py" file prepared and run, "No module named Alchemy" encountered.

so trace to mf.py file, py2exe just parse the lib directory to find modules, so I checked python27 folder,
in the lib directory, there's no sqlalchemy found, so i decide to download the sources of sqlalchemy,
check the site and several steps needed:

1. download Mercurial and install it.
2. use Mercurial to clone sqlalchemy's source
3. copy the module source folder (with __init__.py inside) to python27/lib/, like this: c:\python27\lib\sqlalchemy

now run setup.py again, problem resolved.